Hi! This is Paul Murton I sell credit card processing in Toronto, Ontario, Canada. We can provide a wireless credit card machine! What makes us different than most merchant accounts for accepting credit card is we bundle it with other services that a biz needs. Here we will give you a customized free bonus for your business at no extra cost.

More details at
free local newspaper ads
www.yourfreewebsite.ca.
www.freebizcards.ca

This offer is good for Toronto, Ontario Canada
Call 416-693-8530

Sounds two good to be true?? Well you only get one of 3 promotions for free. These little deals are a result of not having as many people between you and the bank. Less people, less commission more money to buy little promos.

By Whose Authority Do I Represent These Services? Call 877-505-9383 Ask For Murray About My Status As A Rep For Elavon. Elavon is an USA based bank with offices in Toronto.

Paul Murton
paul@paulmurton.com
416-693-8530

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How To Choose A Credit Card Processor

Why are the Rates and fees different for each vendor?

Many factors can influence the discount rate and other fees you pay for the privilege of accepting charge cards. Among those factors: the length of time you have been in business, the percentage of your sales that are made over the phone or the Internet, the type of business you are in, the number of years you've been in business, your personal credit rating, the average dollar amount of each sales transaction, the total dollar amount of sales per month.

Take, for instance, a 120-seat restaurant that does roughly $2 million a year in sales--80% of that on account. Shaving just 1.5 points off of those processing fees equates to savings of $24,000 a year.

In the case of Visa and MasterCard, when a credit card is swiped, the transaction gets relayed--via an intermediary--to the credit card company, which then sluices the funds to the merchant's bank account. That middleman charges the merchant a fee--2% to 5% of the sale--for the hookup; meanwhile, the processor pays a fee to the credit card company.

Fees. Generally speaking, a base rate of 2% on each bill is pretty good. Unfortunately, there is no one resource for comparing processing prices--and the fee structures are opaque at best. While third parties typically offer cheaper rates than banks, there are plenty of caveats.

Case in point: "nonqualified" rates on certain types of transactions. Fees on phone orders (where the merchant types the number into the system rather than swiping the card) might cost in the 5% to 8% range, for instance. Some processors may deem a wide range of charges nonqualified. Make processors spell those out before giving them your business.

Remember, too, that the processor must pay a fee to Visa and MasterCard, which typically charge 1.79% for a normal credit card transaction. So, if a processor offers a super-low base rate of 1.25%, watch out: The company is likely making up for that loss by larding on other fees--or perhaps by bumping up the rates midway through your contract.

Of course, fees aren't the only consideration when choosing the right processor. Service and speed matter, too. Terms are negotiable (these guys want business), so knowledge is your best weapon. Here are some things you should be looking for.

Equipment. Credit card processing machines--which often come as part of point-of-sales systems--run between $990 and $1,700 apiece. Merchants also need a way to connect to the processor, via either a separate telephone line or the Internet.

Lag time. Another critical factor is the time it takes to get your mitts on customers' money. The lag can be anywhere from one to five days. Why the difference? Some processors have more efficient fraud-checking systems. Others try to eke out interest on the "float" (the reimbursement from the credit card companies) before depositing the funds into merchants' accounts. (That's why all processors must be sponsored by a bank) Obviously, the quicker you get the money, the better--and you may not have to pay more for faster service.

Extras. Rather than deducting fees at the point of each transaction, some processors will bundle them and deduct the cumulative amount at the end of the month, streamlining your bookkeeping and leaving you with a little more cash on hand. Another potential perk: gift-certificate processing, which might cost another 25 to 50 cents per transaction. Not all processors will offer such extras, but it's worth asking.

Paul Murton
paul@paulmurton.com
416-693-8530

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